Tom Bardy (the NFL quarterback) and Stephen Curry (a basketball point guard) are reportedly classified among the celebs who are going through an investigation conducted by the financial regulator of Texas. The agency is examining them because of the advertisement of FTX (the crypto exchange that has now become bankrupt).
Texas Regulator Looks into FTX Promotions by Stephen Curry and Tom Bardy among Others
Texas State Securities Board’s director of enforcement, Joe Rotunda, stated on the 22nd of this month that the agency is inspecting the payments obtained on the behalf of the celebrities for the endorsement of FTX US. In addition to this, it would additionally look for the disclosures as well as their accessibility for the investors.
However, Rotunda expressed that though the regulator was keenly observing the FTX endorsements by the celebrities, they were not an instant preference but would be included in the broader probe of the agency into the downfall of FTX. Curry and Bardy have additionally been mentioned in a class-action lawsuit of the 15th of November against FTX as well as Sam Bankman-Fried (the CEO of the exchange).
The lawsuit accused the suspects of controlling, promoting, assisting in, as well as enthusiastically taking part in FTX Trading LTD as well as West Realm Shires Services Inc. The rest of the names that are included in the class action take into account Seinfield’s co-creator Larry David, Udonis Haslem (an NBA player), the basketball team Golden State Warriors, and a model named Gisele Bundchen.
50% of Investors Still Tend to Take Advice from Influencers and Celebs
In the previous surveys, it has been detected that fifty percent of retail investors would move toward the social media accounts possessed by influencers and celebrities for advice in the case of digital assets without any question. This has witnessed up to a slight utilization of influence to leverage the crypto projects and products.
In October 2022, Kim Kardashian (a reality TV celeb) was fined on the behalf of the US Securities and Exchange Commission (SEC) for promoting the EMAX project on social media without disclosure of having received $250,000 for that.
As a result of the post shared by her, numerous of her fans trusted the project and lost their holdings. Kardashian has neither denied nor admitted the accusations leveled by the SEC but carried out a settlement along with agreeing not to advocate for any crypto projects till 2025.
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